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Most Loans Have An Insurance On The Person The Loan Is Made Out To. Check This Out, Get A Copy Of The Contract. If There Is Life Insurance AOn The Person That You Cosigned For, Then The Loan Should Be Paid Off By Insurance On Loan GOOD LUCK

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โˆ™ 2006-08-22 05:25:35
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Q: Is the cosigner of a student loan responsible to repay the balance of the loan if the student dies?
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If the cosigner on a student loan files bankruptcy is he still liable for the student loan he cosigned?

bankruptcies do not wipe out student loans by federal law, unless you can prove extreme inablilty to repay them


Can your student loan debt be forgiven if your cosigner dies?

No. Your co-signer promised to pay if you didn't pay. You must repay the loans.


Does having a cosigner lower the interest rate?

The cosigner can be held responsible for the loan if the original signer does not repay. Thus, the creditor has another means of access to the money, similar to collateral, and thus the presence of a cosigner lowers the interest rate.


Would cosigning a car loan hurt you for a mortgage?

It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.


Who is a consigner?

If a lender does not feel comfortable with what they perceive as your ability to repay a loan they may ask that you get a cosigner. The cosigner is a person who would be guaranteeing the loan repayment if you were to default.


What can a 70-year-old cosigner on a car loan be held responsible for if the loan is found in default?

The cosigner has the same legal obligations to repay the debt as does the primary borrower. If the primary borrower defaults, the lender can begin proceedings to collect the full amount owed plus applicable fees from the cosigner. A cosigner can be sued just as can the primary borrower. And if the primary borrower claims bankrutpcy, the cosigner will still get "stuck" with the debt. The credit report of the cosigner will be equally affected, either in a positive or negative way, depending upon the circumstances.


What is the insurance liability for the cosigner of an auto loan?

None. A cosigner is entering into a legally binding contract to repay the debt if the primary borrower defaults on the lending agreement. The cosigner does not have any other obligation nor ownership rights to the property.


Are you responsible for a loan if you do not start classes?

If you do not start classes that you have paid for with a student loan, you should obtain a refund of the tuition and then use the refund to repay the loan.


Can the cosigner of a student loan be removed from the loan after the student finishes college and has a job and the ability to repay on his own?

No, a co-signer is legally and equally obligated until the loan is paid in full or until the loan is refinanced w/o the original co-signer being a party to the action.


What are some jobs that pay off student loans?

You, not your employer, are responsible for paying off your debts. Student loans come due when you are no longer a student. Once you get a job you need to begin setting aside some of your earnings to repay your loan. If you don't repay your loan, and it is a federal loan, the IRS can (and will) deduct your loan amount from any tax refund you may have coming.


Does the cosigner that's name is 2nd actually count?

Yes, of course your cosingers signature means something. It means that there is no way for to have been approved for what you applied for without their good credit to back you. It also means ,God knows I hope your cosigner has some sense, that your cosigner is 100% responsible for any default of restitution on your part. The cosigner is essentally applying for the very same thing you are--for you--on your behalf almost. Be good to your friend, parent, whoever has helped you and repay your loan on time.Happy holidays.


Do you have to repay a federal student loan?

Everyone has to repay the federal student loans. However some people are eligible, dependent on the job that they get after graduation, to have loan forgiveness for a portion of their loan. In that case they will only have to repay the portion of the loan that is not forgiven.

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